The slow-motion collapse of the cable-television business is coming into clearer focus.
Paramount Global on Thursday wrote down the value of its cable-TV networks by nearly $6 billion, a day after rival Warner Bros. Discovery revised the worth of its own cable business lower by a whopping $9.1 billion.
The announcements from two of the country’s largest TV conglomerates come as cable-TV networks are suffering from the acceleration of cord-cutting, declining ratings and a weak advertising market. Streaming platforms are taking audiences and subscribers away from what was once the engine powering the media industry.
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